Top Business News TodayFEATURED UK inflation: Milk, cheese and eggs push food price rises to 14-year high Food prices rose at their quickest pace since 2008, as overall inflation remains near a 40-year high. Ukraine war: EU moves to cut peak electricity use by 5% EU chief Ursula von der Leyen also calls for windfall taxes on energy companies in a keynote speech. Financial giant Goldman Sachs set for hundreds of layoffs The global investment bank said in July it might slow hiring as the economic outlook worsens. Northrop Grumman exec says SpaceX’s Starship rocket has ‘awesome’ potential but ‘not there yet’ The leader of a Northrop Grumman subsidiary sees exciting potential in the massive Starship rockets that Elon Musk’s SpaceX is developing. US markets sink on unexpectedly high inflation US financial markets were hit by the steepest declines since 2020 as costs of food and housing rose. Foxconn and Vedanta to build $19bn India chip factory This is the third semiconductor plant announced in India, which is aiming to be a global chipmaker. Twitter shareholders approve $44bn Musk deal Twitter shareholders have approved a $44bn deal for the world’s richest man to buy the company. Ford outlines EV investment structure for its dealers as it chases Tesla-like profit The automaker is asking its nearly 3,000 dealers to invest upward of $1 million for upgrades to sell all-electric vehicles. Mortgage demand from homebuyers falls 29% since last year, as interest rates surge past 6% Rates are surging due in large part to the Fed’s hawkish inflation policies, and that’s weighing on mortgage demand. Stocks making the biggest moves premarket: SoFi, Nucor, Starbucks, CSX & more These are the stocks posting the largest moves in premarket trading. Volvo starts series production of heavy-duty electric trucks, targets 50% of sales by 2030 Company faces growing competition in emerging sector.
